Nemo

[yagger]

Hello there I am after a little bit of advice, I was declared bankrupt in November 2009 and was discharged the year after, all my debts went into the insolvency, and I have moved on dramatically since then. I have been trying to clear my credit file and most of my defaults from 2006 are coming off my credit file within the next few months. But one is still going to be there until April 2015 and that is a Nemo secured loan I had with my wife, we lost our house back in 2008 and there was a shortfall on the secured loan, so as my wife couldn't afford to pay they went to court and had a CCJ against her, we don't own any assets and Nemo has agreed for her to pay £50 a month to pay it.

 

My problem is that one Nemo still addresses me as if I own the debt, and sends out statements to that effect. And that they refuse to put the debt as settled , partially settled or closed, on my credit file it looks as if I still own this debt which legally I do not as it was on my statement of affairs, and as my wife is paying the £50 a month its reducing down on my credit file, which means that under the 6 year rule with statute debts it will be permanently on my file. My wife who I am still with can only afford that amount as she is working part time, and only her income is relevant to this debt. Its also marking as default on her credit file, even though she is paying something towards it.

 

Many thanks - sorry about the formatting it will not allow me to put paragraphs in - very odd

Edited February 19, 2012 by Conniff

[Conniff]

Welcome Yagger. Yes it can be odd at times, i think its something to do with lack of a cuppa.

 

A response might be a bit slow as it's weekend, so hang in there.

[rebel11]

Thread has been moved to the correct forum.

[BRIGADIER2JCS]

Ok,

You need to make a formal complaint

to Nemo,

State clearly what has happened,(chapter and verse).

Send any supporting evidence (copies) to them, request

removal of the entry as it seems to be unfair and is

preventing you from rebuilding your credit status.

Also place notices of dispute on the CRA files in the

meantime.

[yagger]

Ok,

You need to make a formal complaint

to Nemo,

State clearly what has happened,(chapter and verse).

Send any supporting evidence (copies) to them, request

removal of the entry as it seems to be unfair and is

preventing you from rebuilding your credit status.

Also place notices of dispute on the CRA files in the

meantime.

 

Okay will do that , but they have written to me before about this, and have stated that because the account has not been settled as it was in joint names , that basically they will not make any alterations, the only thing is I can't find the letter they wrote now. Can they basically refuse to make a change to my credit file and have backed by some kind of legislation ? I think its grossly unfair if so as I do not owe this money.

[BRIGADIER2JCS]

I aske a colleague mucg learned in such matters

about this, he believes that because this was in joint

names that even though your ''half'' was settled you

still remain ''jointly and severally liable for the remaining

balance.

On further checking I think he is right.

When does this actually come of your file.?

[yagger]

I aske a colleague mucg learned in such matters

about this, he believes that because this was in joint

names that even though your ''half'' was settled you

still remain ''jointly and severally liable for the remaining

balance.

On further checking I think he is right.

When does this actually come of your file.?

 

Its supposed to come off in April 2015, but if my wife keeps paying it, and its coming off the balance on my credit file, doesn't it mean that under statute rules it will always be on there? As the way I understand it it is 6 years after after the last payment. And forgive me for asking how can I be jointly severally be liable for a debt I don't owe ? I was declared bankrupt, this loan was on my statement of affairs so legally I owe nothing to them. Thanks for the reply by the way.

[Conniff]

A debt which is secured by a mortgage or a charge on a property is still a provable bankruptcy debt. The mortgage loan company is "a secured creditor" which means they have rights over an asset, the

house, and can require the asset to be sold to pay their debt. These rights are not affected by the bankruptcy.

On the making of a bankruptcy order the mortgage loan company could

make a claim in the proceedings but, unless it wished to give up the security, could only claim for any (estimated) shortfall.

If you continue to live in the property it is likely that you will continue to make payments to the mortgage loan company to avoid the property being re-possessed. When the property is eventually sold any

shortfall to the mortgage loan company is still a provable debt in the bankruptcy, even if you have been discharged, as you are released from the debt on discharge.

 

Your bankruptcy does not affect the obligations of any joint owner who has not been made bankrupt to repay the mortgage loan debt or any shortfall, as they are still liable for the whole of the debt.

 

After the date of the bankruptcy order the mortgage loan creditor may ask you to sign a "deed of acknowledgment" of the outstanding debt. If you have signed such a deed the mortgage loan creditor can take action against

you to recover any shortfall following the sale of the property.

http://webarchive.nationalarchives.gov.uk/+/http://www.insolvency.gov.uk/faq/faq.htm#18

[BRIGADIER2JCS]

Defaults etc all come off after 6 years PAID OR NOT.

Check the information re defaults you will see it in

black (or red) and white.

[yagger]

But we don't live in the house any longer, it was sold after repossession, the main mortgage holder got paid in full, the secured loan had a shortfall. After that it became an unsecured debt from my understanding as its no longer secured on a property. So was included within my bankruptcy. My question is will this come off my credit file in April 2015 ? Or will continue until basically until the end of time ? there is over £20k outstanding at £50 a month will take about 33 years to pay off, she might as well declare bankrupt and be done with it I guess.

[yagger]

By the way I declared bankrupt after the house was repossessed .

[BRIGADIER2JCS]

All defaults unpaid or paid will come off after the 6 year

period.

Your prolem is that you ''share'' of the now unsecured short fall

is the the only part paid off it seems but as a joint account,

the mistake maybe that you should not be seen as still

jointly and severally liable.

Personally I think you need to seek qualified advice locally

so that all your paperwork can be looked at.

[yagger]

Okay so they will not try and extend things after that date for me ? can I ask what would happen to my wife's side of things, the default for her is the same , plus she had a CCJ last year on this, which I realise it will be 6 years on that.

[BRIGADIER2JCS]

All default entries are removed from the file after 6

years paid or not, the CCJ of course is seen as more

serious so the default entry is really insignificant any way.

[yagger]

Yes I know CCJs are more serious , but a default I can live with as I got a quite a few of them as you can imagine after going bankrupt , but what is annoying is that it looks like I owe money to a creditor when I do not. I am trying to get things together to buy another house as I hate renting, and I was hoping that after a lot of stuff comes off this year it will be only the bankruptcy will show on file. As I said things have moved on for me and we are saving for a deposit, would it be any help if I put a notice of correction in regards to this debt ?

[BRIGADIER2JCS]

Yagger, please after all this finally clears

your credit files you are going to need an

absolute minimum of 3 years but more likely

5-6 years of visible good credit management

before lenders will even consider any advances.

Once it all goes then the rebuild starts.

[yagger]

Thing is I have credit now, I applied for a vanquis card and I am paying off in full each month. I don't really need the card I just use it to build a better credit risk for myself. And as I need at least 30% deposit for a house its going to probably take me all that time to do so.

[BRIGADIER2JCS]

Good Luck Yagger, don't take any limit

increases from Vanquis:madgrin:

[yagger]

Good Luck Yagger, don't take any limit

increases from Vanquis:madgrin:

 

They have asked already and I said no, as I said don't really need the card at all. Thanks for the good wishes though.